Property group RE/MAX have revealed the four biggest negative factors that cause prospective buyers to turn away from purchasing homes.
“Much of the money a homeowner makes is when they purchase their home, not when they sell it,” according to RE/MAX’s South African Regional Director and CEO Adrian Goslett.
“Completing the necessary research from day one will help homeowners to look out for potentially negative aspects and avoid their property becoming a financial burden in the future,” he continued.
“It only takes a prospective buyer a few minutes to decide whether they like a property or not.”
While there are nearly always ways to improve your property’s value, Goslett noted that there were four huge negatives that would always drive a house’s price down.
A poor location
The simple truth of the matter is that location and property values are intrinsically linked. Factors such as its proximity to entertainment and shopping facilities, recreation areas, and good schools will all bear weight on how the property is viewed and valued by potential buyers.
These include other local factors such as noisy freeways, railway lines or airports which can still drive down the price even if you are based in a traditionally sought-after area.
Neighbourhoods in a bad condition
Regardless of the house itself, the neighborhood in which the home is situated can either push up the value of the home or bring it down. In addition poor upkeep of surrounding houses will drop the value of your home, even if its in pristine condition.
Poor or unusual renovation
While renovations traditionally add to the value of a property, homeowners should be cautious of shoddy or more esoteric additions like a home spa or gym.
Lack of parking
This has traditionally been more of an issue in densely populated areas, with a secured parking bay can add well over R100 000 to the value of a property.